The summary: Former Massachusetts Governor Mitt Romney announces that he’s forming an exploratory committee for the 2012 presidential election – the traditional first step to make a run at the White House.

The reaction: No surprise here. Romney has long been considered one of the Republicans who can challenge Barack Obama in 2012. He’s just making it official today.

Romney would have a much different field than he faced in 2008. He’ll likely face holdovers like Mike Huckabee but will also could face newcomers like Newt Gingrich, Sarah Palin and Donald Trump.